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News Link • European Union

Germany sounds crisis alarm as Italy, France demand progress

•, By Michele Leridon

Meeting in Rome, Italian Premier Mario Monti and France's President Francois Hollande stressed more needed to be done to ease market pressures amid black news for Spain, worrying signs in Italy and concern over the upcoming Greek election.

"The progress made, including in the governance of the eurozone, is not sufficient and we need to strengthen the weak parts of the system," Monti said, adding that the views of Italy and France on the crisis were closely linked.

International financial watchers are waiting with bated breath for a crucial Greek election which may see Greece exit the eurozone and could have a knock-on effect on struggling Spain and Italy.

In Athens, with just three days before the vote, thousands of people attended a campaign rally for leftist leader Alexis Tsipras who has promised to rip up bailout conditions that have brought Greece's economy to its knees.

But instead of challenging Brussels, Tsirpas promised if elected to form a government "for all Greeks... with Europe and the euro."

Monti and Hollande said they hope Greece will stay in the eurozone. 

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